Of all the processes inherent to insurance, none produces such a voluminous amount of disparate data as claims. Insurance Networking News asked Stuart Rose, global insurance marketing manager at Cary, N.C.-based SAS, how claims analytics can be used to unlock efficiencies in the process. INN: Why apply analytics to claims?
SR: Claims analytics is the ability to analyze claims data at each stage in the claims cycle, from entry of first notice of loss through to payout, to make the right decision at the right time to the right party. Rather than analyzing one case at a time-based only on the current information at hand-analytics gives insurers added perspective by allowing them to view claims "in context" by comparing them with previous claims settlements in their database.
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